Accounting Entries for Canceled or Voided Payments

Payments are canceled or voided with reissue or closed liability. When canceled or voided and then reissued, the voucher becomes available for repayment. When the liability closes, the voucher is identified, and payment can no longer be made for the voucher. Payments can be made up of multiple vouchers; therefore, all the vouchers for the payment are either reopened or closed.

Action: Payment Entered and Posted, Then Canceled and Marked Reissue, and the Canceled Payment Posted

Payment processing:

GL Business Unit	Distribution Account Type	Foreign Amount	Foreign Currency	Monetary Amount	Currency Code
DEU01	Accounts Payable	10000	EUR	10000	EUR
DEU01	Cash Distribution	(10000)	EUR	(10000)	EUR

If the payment has been discounted, the discount is also reversed.

Cancellation processing:

GL Business Unit	Distribution Account Type	Foreign Amount	Foreign Currency	Monetary Amount	Currency Code
DEU01	Accounts Payable	(10000)	EUR	(10000)	EUR
DEU01	Cash Distribution	10000	EUR	10000	EUR